Heated Glencore IPO to close early
Source: Bloomberg News |
May 14, 2011, Saturday
|
Print Edition
Print Edition
GLENCORE International Plc, seeking as much as US$11 billion in an initial public offering, will stop taking orders for the shares a day earlier than announced, according to sources close to the deal.
The books will now close at 4pm London time next Tuesday, said the sources, who declined to be identified because the information is confidential.
Demand for the commodity trader's stock has been overheating, allowing the sale managers to stop taking applications early, one of the sources said.
The IPO, the largest since General Motors Co sold shares in November, will give Glencore a value of US$61 billion if priced at the midpoint of its offer range, the company said last week.
Demand has been enough to sell the shares on offer in the IPO more than twice over, three people familiar with the sale said yesterday.
A small number of investors who previously arranged to meet the sale managers on May 18 will still be able to buy stock that day, one of the sources said.
The date the shares start trading will unchanged, the source added. Conditional London trading will commence next Thursday, according to the prospectus.
Simon Buerk, a spokesman for Baar, Switzerland-based Glencore, declined to comment.
Glencore is offering 1.25 billion shares. London shares are priced at 480 pence to 580 pence (US$7.84 to US$9.45) each. The company on Thursday priced stock to be listed in Hong Kong, representing 2.5 percent of the total offer, at HK$61.24 to HK$79.18 (US$7.88 to US$10.19).
The books will now close at 4pm London time next Tuesday, said the sources, who declined to be identified because the information is confidential.
Demand for the commodity trader's stock has been overheating, allowing the sale managers to stop taking applications early, one of the sources said.
The IPO, the largest since General Motors Co sold shares in November, will give Glencore a value of US$61 billion if priced at the midpoint of its offer range, the company said last week.
Demand has been enough to sell the shares on offer in the IPO more than twice over, three people familiar with the sale said yesterday.
A small number of investors who previously arranged to meet the sale managers on May 18 will still be able to buy stock that day, one of the sources said.
The date the shares start trading will unchanged, the source added. Conditional London trading will commence next Thursday, according to the prospectus.
Simon Buerk, a spokesman for Baar, Switzerland-based Glencore, declined to comment.
Glencore is offering 1.25 billion shares. London shares are priced at 480 pence to 580 pence (US$7.84 to US$9.45) each. The company on Thursday priced stock to be listed in Hong Kong, representing 2.5 percent of the total offer, at HK$61.24 to HK$79.18 (US$7.88 to US$10.19).
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